Providence Group Realty Newswirehttp://blog.providencegrouprealty.com
Up-to-the-minute news stories, real estate market updates, and other information.Fri, 24 May 2019 10:00:00 +0000en-UShourly1https://wordpress.org/?v=5.0.374128549The Impact Staging Your Home Has On Your Sale Price [INFOGRAPHIC]http://blog.providencegrouprealty.com/2019/05/24/the-impact-staging-your-home-has-on-your-sale-price-infographic/
http://blog.providencegrouprealty.com/2019/05/24/the-impact-staging-your-home-has-on-your-sale-price-infographic/#respondFri, 24 May 2019 10:00:00 +0000https://blog.providencegrouprealty.com/2019/05/24/the-impact-staging-your-home-has-on-your-sale-price-infographic/Some Highlights: The National Association of Realtors surveyed their members & released the findings of their Profile of Home Staging. 62% of seller’s agents say that staging a home decreases the amount of time a home spends on the market. 50% of staged homes saw a 1-10% increase in dollar-value offers from buyers. 77% of […]]]>

Some Highlights:

The National Association of Realtors surveyed their members & released the findings of their Profile of Home Staging.

62% of seller’s agents say that staging a home decreases the amount of time a home spends on the market.

50% of staged homes saw a 1-10% increase in dollar-value offers from buyers.

77% of buyer’s agents said staging made it easier for buyers to visualize the home as their own.

The top rooms to stage in order to attract more buyers are the living room, master bedroom, kitchen, and dining room.

]]>http://blog.providencegrouprealty.com/2019/05/24/the-impact-staging-your-home-has-on-your-sale-price-infographic/feed/018614 Most Popular Bottom Line Investments in Americahttp://blog.providencegrouprealty.com/2019/05/23/4-most-popular-bottom-line-investments-in-america/
http://blog.providencegrouprealty.com/2019/05/23/4-most-popular-bottom-line-investments-in-america/#respondThu, 23 May 2019 10:00:00 +0000http://blog.providencegrouprealty.com/2019/05/23/4-most-popular-bottom-line-investments-in-america/Every year, Gallup surveys Americans to determine their choice for the best long-term investment. Respondents are given a choice between real estate, stocks, gold, and savings accounts. For the sixth year in a row, real estate has come out on top as the best long-term investment! That has not always been the case. Gallup explains: […]]]>

Every year, Gallupsurveys Americans to determine their choice for the best long-term investment. Respondents are given a choice between real estate, stocks, gold, and savings accounts.

For the sixth year in a row, real estate has come out on top as the best long-term investment! That has not always been the case. Gallup explains:

“Between 2008 and 2010, covering most of the Great Recession period that saw plummeting home and stock values, Americans were as likely to name savings accounts or CDs as the best long-term investment as they were to name stocks or real estate.”

This year’s results showed that 35% of Americans chose real estate, followed by stocks at 27%. The full results are shown in the chart below.

Bottom Line

Now that the real estate market has recovered, so has the belief of the American people in the stability of housing as a long-term investment.

]]>http://blog.providencegrouprealty.com/2019/05/23/4-most-popular-bottom-line-investments-in-america/feed/01860Boomerang Buyers: Don’t Be Afraid to Buy a Home Again!http://blog.providencegrouprealty.com/2019/05/22/boomerang-buyers-dont-be-afraid-to-buy-a-home-again/
http://blog.providencegrouprealty.com/2019/05/22/boomerang-buyers-dont-be-afraid-to-buy-a-home-again/#respondWed, 22 May 2019 10:00:00 +0000http://blog.providencegrouprealty.com/2019/05/22/boomerang-buyers-dont-be-afraid-to-buy-a-home-again/According to CoreLogic, from 2006 to 2014 “there were 7.3 million housing foreclosures and 1.9 million short sales.” The hesitation some Americans feel after experiencing a foreclosure brings to mind the old saying: “Fool me once- shame on you. Fool me twice- shame on me.” According to the 2019 Home Buyer Report from NerdWallet, “Thirteen […]]]>

According to CoreLogic, from 2006 to 2014 “there were 7.3 million housing foreclosures and 1.9 million short sales.” The hesitation some Americans feel after experiencing a foreclosure brings to mind the old saying: “Fool me once- shame on you. Fool me twice- shame on me.”

“Thirteen percent of Americans have lost a home due to a financial event such as foreclosure in the past 10 years. More than 6 in 10 of them (61%) have not bought a home since, and 20% of those who haven’t repurchased say they never plan to again.”

This makes sense. They don’t want to go through the same pain again. As a cornerstone of the American dream, nobody wants to lose homeownership. But let’s illustrate this simply: Recall learning to ride your first bike during your childhood. Did you stop riding it because you fell on the ground and scraped your knees? Or did you get back on and try again until you were able to ride without falling?

Purchasing a home is not as simple as learning to ride a bike, but the concept is the same! There are many things necessary to learn that affect the ability to get the financing needed to purchase a home. Past occurrences can determine if there is a waiting period. In other words, you need to let your knees heal before you try again!

As we’ve mentioned in the past, homeownership has many financial and non-financial benefits. Each person needs to go over the pros and cons, taking the time to figure out what is best for their family. Should they continue renting, or should they try to buy again?

The good news is that some “boomerang buyers” are getting back into the market. They’re getting back on their bike!

“Of 2.8 million former homeowners whose foreclosures, short sales or bankruptcies dropped off their credit reports from January 2016 to November 2018, 11.5% have obtained a new mortgage, according to a study by credit rating agency Experian for USA Today.”

NerdWallet’s report also mentioned:

6% plan to buy a house this year.

39% intend to buy over the next 3 years.

58% say they will purchase within 5 years.

Bottom Line

If you lost a home due to a financial event but would like to review your options, let’s get together to help you create a plan to obtain a home in the future!

]]>http://blog.providencegrouprealty.com/2019/05/22/boomerang-buyers-dont-be-afraid-to-buy-a-home-again/feed/01859Are Older Generations Really Not Selling Their Homes?http://blog.providencegrouprealty.com/2019/05/21/are-older-generations-really-not-selling-their-homes/
http://blog.providencegrouprealty.com/2019/05/21/are-older-generations-really-not-selling-their-homes/#respondTue, 21 May 2019 10:00:00 +0000https://blog.providencegrouprealty.com/2019/05/21/are-older-generations-really-not-selling-their-homes/Many studies suggest one of the main reasons for the inventory shortage in today’s market of homes for sale is that older generations have chosen to “age in place” over moving. The 2019 Home Buyers & Sellers Generational Trend Report by NAR clarifies this point! NAR’s findings show that Baby Boomers (43%) and the Silent […]]]>

Many studies suggest one of the main reasons for the inventory shortage in today’s market of homes for sale is that older generations have chosen to “age in place” over moving.

NAR’s findings show that Baby Boomers (43%) and the Silent Generation (12%) made up 56% of sellers in 2018! This means the majority of sellers last year were over the age of 54. This also shows these generations ARE moving!

The report also shared the reasons why they chose to move. According to the research, the top reason was a desire to be closer to friends and family. Below is a full breakdown:

As we can see, they have plenty of reasons to sell their current home! But what type of homes are they trading in?

Once again, the report demonstrated that older generations are not keeping that 3-bedroom, 2-bath colonial home. Instead, they are putting it on the market and moving on with their lives!

Bottom Line

If you are living in a house that no longer fits your needs, let’s get together to help you find a home that will!

]]>http://blog.providencegrouprealty.com/2019/05/21/are-older-generations-really-not-selling-their-homes/feed/01858Starting the Search for Your Dream Home? Here Are 5 Tips!http://blog.providencegrouprealty.com/2019/05/20/starting-the-search-for-your-dream-home-here-are-5-tips/
http://blog.providencegrouprealty.com/2019/05/20/starting-the-search-for-your-dream-home-here-are-5-tips/#respondMon, 20 May 2019 10:00:00 +0000http://blog.providencegrouprealty.com/2019/05/20/starting-the-search-for-your-dream-home-here-are-5-tips/In today’s real estate market, low inventory dominates the conversation in many areas of the country. It can often be frustrating to be a first-time homebuyer if you aren’t prepared. In a realtor.com article entitled, “How to Find Your Dream Home—Without Losing Your Mind,” the author highlights some steps that first-time homebuyers can take to help carry their excitement […]]]>

In today’s real estate market, low inventory dominates the conversation in many areas of the country. It can often be frustrating to be a first-time homebuyer if you aren’t prepared.

In a realtor.comarticle entitled, “How to Find Your Dream Home—Without Losing Your Mind,” the author highlights some steps that first-time homebuyers can take to help carry their excitement of buying a home throughout the whole process.

1. Get Pre-Approved for a Mortgage Before You Start Your Search

One way to show you are serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage before starting your search. Even if you are in a market that is not as competitive, understanding your budget will give you the confidence of knowing whether or not your dream home is within your reach.

This step will also help you narrow your search based on your budget and won’t leave you disappointed if the home you tour, and love, ends up being outside your budget!

2. Know the Difference Between Your ‘Must-Haves’ and ‘Would-Like-To-Haves’

Do you really need that farmhouse sink in the kitchen to be happy with your home choice? Would a two-car garage be a convenience or a necessity? Could the ‘man cave’ of your dreams be a future renovation project instead of a make-or-break right now?

Before you start your search, list all the features of a home you would like and then qualify them as ‘must-haves’, ‘should-haves’, or ‘absolute-wish list’ items. This will help keep you focused on what’s most important.

3. Research and Choose a Neighborhood You Want to Live In

Every neighborhood has its own charm. Before you commit to a home based solely on the house itself, the article suggests test-driving the area. Make sure that the area meets your needs for “amenities, commute, school district, etc. and then spend a weekend exploring before you commit.”

4. Pick a House Style You Love and Stick to It

Evaluate your family’s needs and settle on a style of home that would best serve those needs. Just because you’ve narrowed your search to a zip code, doesn’t mean that you need to tour every listing in that zip code.

An example from the article says, “if you have several younger kids and don’t want your bedroom on a different level, steer clear of Cape Cod–style homes, which typically feature two or more bedrooms on the upper level and the master on the main.”

5. Document Your Home Visits

Once you start touring homes, the features of each individual home will start to blur together. The article suggests keeping your camera handy to document what you love and don’t love about each property you visit.

Making notes on the listing sheet as you tour the property will also help you remember what the photos mean, or what you were feeling while touring the home.

Bottom Line

In a high-paced, competitive environment, any advantage you can give yourself will help you on your path to buying your dream home.

]]>http://blog.providencegrouprealty.com/2019/05/20/starting-the-search-for-your-dream-home-here-are-5-tips/feed/01857Top Days to List Your Home for Sale [INFOGRAPHIC]http://blog.providencegrouprealty.com/2019/05/17/top-days-to-list-your-home-for-sale-infographic/
http://blog.providencegrouprealty.com/2019/05/17/top-days-to-list-your-home-for-sale-infographic/#respondFri, 17 May 2019 10:00:00 +0000http://blog.providencegrouprealty.com/2019/05/17/top-days-to-list-your-home-for-sale-infographic/Some Highlights: ATTOM Data Solutions conducted an analysis of more than 29 million single family home and condo sales over the past eight years to determine the top days to list your home for sale. The top five days to list your home brought in a 10% premium over market value and are all in […]]]>

Some Highlights:

ATTOM Data Solutions conducted an analysis of more than 29 million single family home and condo sales over the past eight years to determine the top days to list your home for sale.

The top five days to list your home brought in a 10% premium over market value and are all in either May or June!

“Families start their home search when they know their kids will be out of school and when the weather is ideal for home viewing and moving, giving home sellers an upper hand in price negotiations.”

There is still time to list your home before these dates pass you by!

]]>http://blog.providencegrouprealty.com/2019/05/17/top-days-to-list-your-home-for-sale-infographic/feed/01856What is Really Happening with Home Prices?http://blog.providencegrouprealty.com/2019/05/16/what-is-really-happening-with-home-prices/
http://blog.providencegrouprealty.com/2019/05/16/what-is-really-happening-with-home-prices/#respondThu, 16 May 2019 10:00:00 +0000https://blog.providencegrouprealty.com/2019/05/16/what-is-really-happening-with-home-prices/Home values have softened over the last twelve months. We are no longer seeing 6-7% annual appreciation levels for the national housing market. The current numbers are closer to 4%. Some have suggested that year-over-year appreciation levels could fall to 3% or less this year. However, a stronger-than-expected economy and a good spring housing market […]]]>

Home values have softened over the last twelve months. We are no longer seeing 6-7% annual appreciation levels for the national housing market. The current numbers are closer to 4%. Some have suggested that year-over-year appreciation levels could fall to 3% or less this year.

However, a stronger-than-expected economy and a good spring housing market have changed some opinions. Some analysts are now predicting that home value appreciation may begin to increase as we move forward.

Here are three examples:

“Data on the movement of unadjusted house prices during the early spring home-buying season won’t be available for a few more months, but it’s quite likely that price appreciation will accelerate again.”

“Home prices nationwide, including distressed sales, increased year over year by 3.7% in March 2019 compared with March 2018…The CoreLogic HPI Forecast indicates that home prices will increase by 4.8% on a year-over-year basis from March 2019 to March 2020.”

The 2019 1st Quarter survey raised the appreciation projection for this year to 4.3%.

Bottom Line

Price appreciation has slowed over the past year. However, a strong economy and a good housing market have many experts thinking that home values might re-accelerate moderately throughout the rest of this year.

]]>http://blog.providencegrouprealty.com/2019/05/16/what-is-really-happening-with-home-prices/feed/018554 Tips for Making a Competitive Offerhttp://blog.providencegrouprealty.com/2019/05/15/4-tips-for-making-a-competitive-offer/
http://blog.providencegrouprealty.com/2019/05/15/4-tips-for-making-a-competitive-offer/#respondWed, 15 May 2019 10:00:00 +0000http://blog.providencegrouprealty.com/2019/05/15/4-tips-for-making-a-competitive-offer/So, you’ve been searching for that perfect house to call ‘home,’ and you’ve finally found it! The price is right, and in such a competitive market, you want to make sure you make a good offer so that you can guarantee that your dream of making this house yours comes true! Below are 4 steps […]]]>

So, you’ve been searching for that perfect house to call ‘home,’ and you’ve finally found it! The price is right, and in such a competitive market, you want to make sure you make a good offer so that you can guarantee that your dream of making this house yours comes true!

Below are 4 steps provided by Freddie Mac to help buyers make offers, along with some additional information for your consideration:

1. Determine Your Price

“You’ve found the perfect home and you’re ready to buy. Now what? Your real estate agent will be by your side, helping you determine an offer price that is fair.”

Based on your agent’s experience and key considerations (like similar homes recently sold in the same neighborhood or the condition of the house and what you can afford), your agent will help you to determine the offer that you are going to present.

Getting pre-approved will not only show home-sellers that you are serious about buying, but it will also allow you to make your offer with confidence because you’ll know that you have already been approved for a mortgage in that amount.

2. Submit an Offer

“Once you’ve determined your price, your agent will draw up an offer, or purchase agreement, to submit to the seller’s real estate agent. This offer will include the purchase price and terms and conditions of the purchase.”

Talk with your agent to find out if there are any ways in which you can make your offer stand out in this competitive market! A licensed real estate agent who is active in the neighborhoods you are considering will be instrumental in helping you put in a solid offer.

3. Negotiate the Offer

“Oftentimes, the seller will counter the offer, typically asking for a higher purchase price or to adjust the closing date. In these cases, the seller’s agent will submit a counteroffer to your agent, detailing their desired changes, at this time, you can either accept the offer or decide if you want to counter.

Each time changes are made through a counteroffer, you or the seller have the option to accept, reject or counter it again. The contract is considered final when both parties sign the written offer.”

If your offer is approved, Freddie Mac urges you to “always get an independent home inspection, so you know the true condition of the home.” If the inspector uncovers undisclosed problems or issues, you can discuss any repairs that may need to be made with the seller or even cancel the contract altogether.

4. Act Fast

The inventory of homes listed for sale has remained well below the 6-month supply that is needed for a ‘normal’ market. Buyer demand has continued to outpace the supply of homes for sale, causing buyers to compete with each other for their dream homes.

Make sure that as soon as you decide that you want to make an offer, you work with your agent to present it as quickly as possible.

Bottom Line

Whether buying your first home or your fifth, having a local real estate professional who is an expert in his or her market on your side is your best bet in making sure the process goes smoothly. Let’s talk about how we can make your dream of homeownership a reality!

]]>http://blog.providencegrouprealty.com/2019/05/15/4-tips-for-making-a-competitive-offer/feed/01853The 5 Most Important Things to Do After Buying a Homehttp://blog.providencegrouprealty.com/2019/05/15/the-5-most-important-things-to-do-after-buying-a-home/
http://blog.providencegrouprealty.com/2019/05/15/the-5-most-important-things-to-do-after-buying-a-home/#respondWed, 15 May 2019 06:00:00 +0000http://blog.providencegrouprealty.com/2019/05/15/the-5-most-important-things-to-do-after-buying-a-home/So, you bought a house. First of all, congratulations! The search is over, no more weekends filled with open houses and showings, and you can finally breathe a sigh of relief. Phew. But your work isn’t quite done yet. Once you buy a house, there are a few things that need to happen before and […]]]>So, you bought a house. First of all, congratulations! The search is over, no more weekends filled with open houses and showings, and you can finally breathe a sigh of relief. Phew.

But your work isn’t quite done yet. Once you buy a house, there are a few things that need to happen before and after move-in day. Check out our list of to-dos, and get prepared for what comes after closing—trust us, your future self will thank you.

Do a Deep Clean

When you first buy your home, there won’t be any heavy dressers blocking off corners, couches and beds to clean under, or stacks of boxes covered in cobwebs in the attic. Your house will never be this empty again—well, until you sell it, that is—so take advantage of the wide-open space.

Whether you want to hire professional cleaners or DIY, you should pour some serious TLC into your new house. Dust, vacuum, mop, scrub, polish—look up a few cleaning checklists for inspiration—and put in some elbow grease.

Change Your Address

This process will be a little tedious, but it has to be done. First, you should fill out a change of address form from your post office, so any mail sent to your old address will get forwarded to your new one—although these days you can even complete the process online!

Next, get in touch with credit card companies, your cell phone provider, and anyone else who will need to continue sending you bills. Big fan of online shopping? The last thing you want is for your package to get dropped off at your old house, so be sure to update your Amazon info, as well.

Set Up Utilities & Security

Running water, electricity, internet…all things you probably want working when you move in, right? If you already have a provider, you’ll need to communicate the change address to them, stop service to your old address, and set up a date for service to continue at your new address.

While you’re getting things installed, you should also consider setting up a security system. These days you’ll have plenty of affordable and high-tech options, so be sure to browse what’s available. At the very least, consider changing your locks, since old copies of the keys from the past owners could still be floating around.

Keep Your Documents Organized

Once you’ve closed on your home, you’re going to have a lot of important documents to keep track of, and moving is going throw everything into chaos (although hopefully organized chaos) for a bit. As soon as you’ve closed and before you move in, collect all of the documents you used for your mortgage loan, as well as any copies of closing papers.

You never know when you might need some of them again, so invest in a secure storage system to keep them organized and around at all times.

Say Hi to the Neighbors

Even if you’re a little shy, it’s a good idea to introduce yourself to the neighbors once you move in. After all, close neighbors can help with anything from lending you an extra cup of sugar to watching your pets while you’re out of town.

You don’t have to organize a mixer or bake cookies for everyone, but just saying hello while you’re out and about can go a long way in establishing those important relationships.

Ready to Buy Your Dream Home?

Now that you know what to do after you’ve closed, let’s get started with your home search! From guiding you around the area to helping you navigate your mortgage options, our team is here to help you reach your real estate goals—and answer all of your questions along the way.

If you’re ready to get started or have a few questions, just give us a call today!

]]>http://blog.providencegrouprealty.com/2019/05/15/the-5-most-important-things-to-do-after-buying-a-home/feed/01854New Research Shows Housing Is Affordable For First-Time Buyershttp://blog.providencegrouprealty.com/2019/05/14/new-research-shows-housing-is-affordable-for-first-time-buyers/
http://blog.providencegrouprealty.com/2019/05/14/new-research-shows-housing-is-affordable-for-first-time-buyers/#respondTue, 14 May 2019 10:00:00 +0000http://blog.providencegrouprealty.com/2019/05/14/new-research-shows-housing-is-affordable-for-first-time-buyers/Home prices have been on the rise for the last seven years, leading many housing market analysts to conclude that first-time homebuyers are being shut out of the market due to affordability concerns. The National Association of Realtors (NAR) reports on the percentage of First-Time Home Buyers (FTHB) on a monthly and yearly basis. Their […]]]>

Home prices have been on the rise for the last seven years, leading many housing market analysts to conclude that first-time homebuyers are being shut out of the market due to affordability concerns.

The National Association of Realtors (NAR) reports on the percentage of First-Time Home Buyers (FTHB) on a monthly and yearly basis. Their latest report shows that FTHB’s made up 33% of buyers in March, which matches their reported share in 2018.

NAR uses survey data from their members to come up with this statistic, so their results do not include every transaction completed. Rather, they only show the transactions reported by members who complete the survey.

The other entity that reports on FTHB share is the American Enterprise Institute (AEI). The AEI uses data from mortgage applications that define an FTHB as “any borrower who did not have a mortgage for the preceding three years.”

This means the AEI measurement also includes former homeowners who transitioned out of a home they previously owned and re-entered the market after at least 3 years. The latest FTHB share data from AEI shows that first-time buyers made up 57.5% of all mortgages in August 2018. NAR’s data shows a 31% share for the same time period.

New research from the New York Federal Reserve shows that these traditional reports on FTHB share have been unable to give an accurate depiction of this group’s involvement in the market.

The NY Fed was able to take consumer credit data and identify when a mortgage payment entered a consumer’s credit report to determine when a first-time home purchase was made. Using this data, they were able to show that AEI’s reported FTHB share was consistently 10% higher. The NAR reports were right on par with their findings until 2010, when NAR’s share dropped to the 11% gap seen today.

So, what does this all mean?

First-time home buyers have not disappeared from the market as many analysts had believed. Buying a home is very much a part of the American Dream for younger generations, just like it had been for their parents and grandparents.

This also means that rising prices have not scared buyers away from the market. Many first-time buyers are making sacrifices to save their down payment and make their dream a reality.

Bottom Line

If you are one of the many renters who is scrolling through listings on your phone every night dreaming of buying your own home, there are opportunities in every market to make that dream a reality!